“What are property buyers in 2023 looking for?”
“What are the most requested property types?”
“Do you have buyers looking for a property like mine?”
These are all questions that are commonly asked, the latter being asked a lot since we came back in 2023. We have already registered 240 new buyers, all looking to buy across Lancaster and Morecambe, not bad to say we are only 5 weeks into a new year!
Houses will always be the most requested property in Lancaster and Morecambe and there is no doubt that 3-bed homes are the most sought-after popular type, after all, they suit so many people and are often considered the ideal family-sized home. I was brought up in a 3-bed semi-detached home and my Mum still lives there today!
What is interesting though is when you analyse what buyers are looking for today, and whilst 70% of all buyers are looking for a house, approximately 30% are looking for an apartment. There are various reasons for this, many buyers are shifting back to city-centre living, apartments tend to offer better value than houses and also tend to be more energy efficient. Also with the costs of rental properties on the rise, it can prove more cost-effective to buy rather than rent.
That said, we are also seeing an increase in landlords buying apartments too. Whilst there is a maintenance fee to pay, these properties are seen as easier to look after and the number of tenants wanting to live in the city is often greater, especially in a University City like Lancaster which has a hospital so close to the city centre.
Over in Morecambe, apartments are also in high demand which a big focus on apartments with a sea view. These apartments are also commanding a premium and we expect the demand for those to grow now that the Eden Project North has been confirmed!
How do you feel about apartment life? Would you consider living in one? Are you thinking about buying one? Or do you have one to let? If so we would love to hear from you! Apartments are in demand!
My name is Michelle Gallagher. If you would like to chat, please give me a call on 01524 843322 or email me at michelle@co.uk
Thanks for reading
Michelle x